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- Brent crude oil spot prices averaged $64 per barrel (b) in February, up $5/b from January 2019 and about $1/b lower than at the same time last year. EIA forecasts Brent spot prices will average $63/b in 2019 and $62/b in 2020, compared with an average of $71/b in 2018. EIA expects that West Texas Intermediate (WTI) crude oil prices will average $9/b lower than Brent prices in the first half of 2019 before the discount gradually falls to $4/b in the fourth quarter of 2019 and throughout 2020.
- The Henry Hub natural gas spot price averaged $2.69/million British thermal units (MMBtu) in February, down 42 cents/MMBtu from January. EIA expects strong growth in U.S. natural gas production to put downward pressure on prices in 2019. EIA expects Henry Hub natural gas spot prices will average $2.85/MMBtu in 2019, down 30 cents/MMBtu from 2018. NYMEX futures and options contract values for June 2019 delivery traded during the five-day period ending March 7, 2019, suggest a range of $2.40/MMBtu to $3.51/MMBtu encompasses the market expectation for June 2019 Henry Hub natural gas prices at the 95% confidence level.
The professional consultants at Onyx Power & Gas Consulting are always ahead of the current issues that may affect energy consumption and pricing. Now is the time to partner with an Onyx professional consultant to discuss energy management and secure energy prices based on today’s stable pricing. Volatility in the energy markets makes it too precarious to take chances. Partner with Onyx Power & Gas in Making Energy Make a Difference!